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05/03/2012

Henderson GI looks to develop in real estate debt

Henderson Global Investors has hired John Feeney as head of real estate debt in its secured credit team. He will work closely with Henderson’s property business as well as the fixed income team to drive business growth in real estate debt as traditional lenders retreat from the market. Feeney most recently headed Bank of America Merrill Lynch’s Asia real estate Special Assets Group with responsibility for the region’s legacy debt book.
05/03/2012

Sparinvest to launch two emerging markets funds

The Danish asset management firm Sparinvest will launch two value type emerging markets funds in UCITS format in May this year, according to reports in Citywire Global. The two funds will replicate the Sparinvest Value Emerging Markets, launched in September 2011, representing EUR54m, which is available only in Denmark.
05/03/2012

Investors steer clear of Europe

Appetite for risk has remained high in the last few days of February, but investors have been avoiding Europe, due to uncertainty about Greek debt and a downturn in growth in the region. European equity funds have seen levels of redemptions in the week to 29 February not seen in 14 weeks, according to statistics from EPFR Global. Equity funds overall nonetheless posted net inflows of USD4.7bn, and net subscriptions since the beginning of the year have totalled USd24bn, compared with USD40.2bn in the corresponding period of 2011. In the last few days of February, US equity funds have posted net subscriptions totalling over USD3bn. Bond funds in the week attracted more than USD5bn in assets, and USD48.8bn since the beginning of the year, compared with USD15.5bn in the corresponding period of 2010. As of the end of February, high yield bond funds have posted inflows of over USD1bn. Since the beginning of the year, they show inflows of over USD22bn. Money market funds, for their part, have seen redemptions totalling USD21bn in the last week of February, while European money market funds have posted their heaviest outflow since 2007.
05/03/2012

Deka earns capital gains in Seoul

The German asset management firm Deka Immobilien has sold the office property Myeongdong Central Building (19,500 square metres) in Seoul, which had been in the portfolio of the open-ended real estate fund Deka-ImmobilienGlobal, for EUR58m. The property, which has been sold to the South Korean asset management firm JR AMC, was purchased for EUR46.6m in 2005, and its most recent expert valuation estimated its value at EUR55.6m.The sale reduced the exposure of the portfolio of the fund to the Asia-Pacific region from 36% to 34%, and the Deka-ImmobilienGlobal no longer has any assets on the Korean peninsula, as the other property had been sold in late 2010.
05/03/2012

New York pension funds invest in D.E. Shaw and Brevan Howard

A growing number of public pension funds are increasing their investments in alternative management, either in hedge funds or private equity, Bloomberg reports. The two major alternative management firms D.E. Shaw and Brevan Howard will receive USD350m each from the New York police and fire departments pension fund. The New York pension fund, whose assets under management total about USD70bn (as of 30 November 2011), will also invest USD200m in Brigade Capital Management. Investments by the pension fund in hedge funds will total USD1.35bn, barely half of its objective of USD3bn.
05/03/2012

No shadow banking by credit hedge funds, AIMA says

In a 25-page report entitled “The Role of Credit Hedge Funds in the Financial System: Asset Managers, Not Shadow Banks,” the Alternative Investment Management Association (AIMA) challenges the association by the G20 of credit hedge funds with entities related to “shadow banking,” on three main grounds.Firstly, they don’t operate in the shadows, but will soon be subject to strict regulations everywhere in the world. Secondly, these funds are not banks, and do not make any maturity transformation. Lastly, they are aimed at “sophisticated” institutional investors.In addition to these points, the hedge funds represent only a relatively modest volume compared with banks, use only limited amounts of leverage, and do not have implicit or explicit guarantees from taxpayers.According to the Association, credit or credit-related hedge funds represent one third of the global hedge fund sector, and they use a vast range of investment strategies, ranging from fundamental credit analysis and arbitrage to trading of complex derivatives.
05/03/2012

Two Italian asset management firms merge

Sara Assicurazioni is selling Mc Gestioni to Zenit Sgr, according to an article in Milano Finanza. The operation, which is pending approval from the Bank of Italy, would create an asset management firm with EUR800m in assets under management.
05/03/2012

Institutionals admire example of Canadian pension funds

Canadian public pension funds appear as precursors in the eyes of institutional investors, who are seeking to imitate them, The Economist reports. It’s not the size of the funds which interests investors – they manage over USD640bn in assets – so much as their investment strategy. Unlike many pension funds, Canadian institutions manage their portfolios internally and invest directly. They invest more than other funds in buyout operations, infrastructure and real estate. The Ontario Municipal Employees Retirement System (OMERS) would like to have 90% of its assets managed internally by the end of 2012. Canadian pension funds often make small solo transactions, but they undertake larger operations as co-sponsors with major private equity firms. This strategy allows thm to make substantial savings, particularly in private equity, where the famous standard commission level is 2/20 (2% of assets and 20% of profits). This approach has manifestly paid off. In the past ten years, the Ontario teachers’ pension fund, a pioneer in this area, has earned the best returns of the 330 largest public and private pension funds in the world.
05/03/2012

Franklin launches a fund of global convertibles

Franklin Templeton on 24 February launched a fund of global convertible bonds, which will be managed by Alan Muschott, Money Marketing reports. The fund will be registered in Luxembourg, and will use the same strategy as a fund domiciled in the United States launched in 1987.
05/03/2012

Market effects account for most of increase in assets for Luxembourg funds

Global assets in Luxembourg based funds totalled EUR2.15708trn as of the end of January, an increase of 2.89% in one month, the CSSF reports. The Luxmebourg regulator says the positive variation in the month of January of EUR60.659bn was the result of market effects totalling EUR55.407bn (+2.64%), and inflows of EUR5.162bn (+0.25%). There were 3,837 collective investment organisms (OPC) and specialised investment funds (FIS), compared with 3,845 the previous month. 2,421 entities have adopted a multiple sub-fund structure, which represents 11,857 sub-funds. With the addition of the 1,416 entities with traditional structures, a total of 13,273 entities are active on the financial market, a statement says. As of 31 January 2012, over a sliding 12-month period, net asset volumes fell by 1.23%.
05/03/2012
Gestion d'actifs

La Caisse de Retraite des Sénateurs de Belgique a sélectionné les mandataires de son appel d'offres Specialty Managers

La Caisse de retraite des sénateurs de Belgique a sélectionné, fin février, six gérants pour son appel d’offres Specialty managers, avec l’aide de la société de conseil Econopolis Strategy. Les mandats de gestion discrétionnaires étaient répartis sur plusieurs thèmes d’investissement spécialisés: Le lot 1 portait sur une poche d’actifs ISR énergie. Il a été attribué à KBC AM. Le lot 2 concernait une poche agri-food. Son gérant sera Petercam. Le lot 3, real assets, n’a pas été adjugé. Le lot 4 sur les actions européennes large cap a été attribué à Edmond de Rothschild AM et Capital at Work (Banque Delen) Le lot 5, actions à haut dividendes a été attribué à Axa IM et KBC AM Chaque lot du mandat est compris entre 5 et 10 millions d’euros. Il s’agit uniquement de poches actions. La Caisse de retraite des sénateurs de Belgique gère un portefeuille d’actifs de 180 millions d’euros. Seuls 40 % de ces encours sont externalisés. Pour lire l’avis complet: cliquez ici
Gestion d'actifs
05/03/2012

"Nous pouvons proposer des fonds correspondant à tous les objectifs de placement"

Contrairement au groupe dans son ensemble dont les actifs s'élèvent à 670,3 milliards de dollars fin décembre, la filiale française de Franklin Templeton a continué de collecter en net au dernier trimestre. Un résultat que Dominique de Préneuf, le directeur général, attribue à la fois à la qualité et à la variété des produits proposés ainsi qu'à la vaste diversité des segments de clientèle.
05/03/2012

LVMH entend grandir en Inde

L Capital, le fonds d’investissement du groupe LVMH, tiendrait la corde pour le rachat de l’indien Lilliput Kidswear. KKR, Mahindra & Mahindra et IVF (India Value Fund) auraient toutefois également signé des accords de confidentialité afin de négocier la transaction, selon le quotidien. Les discussions avec L Capital en seraient à un stade avancé et pourraient se conclure d’ici quelques semaines.
05/03/2012

Les technologiques chinoises émettent à haut rendement

Le 21st Century Business Herald indique de source anonyme que le régulateur chinois des marchés, la CSRC, a autorisé les petites et moyennes entreprises du pays au sein des secteurs technologique et agricole à émettre des obligations à haut rendement négociables sur les Bourses de Shanghai et de Shenzhen.
05/03/2012

L'Italie refait son retard sur l'Espagne

Les rendements italiens sont revenus au niveau de ceux de l’Espagne, au moment où cette dernière relève à 5,8% du PIB sa prévision de déficit budgétaire pour 2012.
05/03/2012

Un trader vedette de JPMorgan lance son propre fonds

Mike Stewart, responsable mondial du négoce pour compte propre de la banque américaine depuis un an, devrait lancer à Londres au cours du deuxième trimestre 2012 selon le quotidien son propre hedge fund, dénommé Whard Stewart. Il s’agirait de l’un des plus importants lancements de fonds alternatifs outre-Manche cette année. L’ancienne équipe du dirigeant en charge des marchés émergents devrait le rejoindre.
05/03/2012

Un fonds s’invite au capital de Latécoère

Selon Le Figaro, le fonds de gestion alternative Alura Partners a franchi le seuil de 2% du capital de l’équipementier aéronautique. Le groupe a finalisé en décembre dernier sa restructuration financière avec ses créanciers bancaires et entend prendre part à la consolidation du secteur «dans un horizon de 2-3 ans».
05/03/2012

Naxicap Partners entre chez Lipp

Le fonds d’investissement a racheté 37% du capital de Groupe Bertrand aux fonds L Capital et Capzanine. Fondé par Olivier Bertrand, le groupe compte notamment parmi ses enseignes la brasserie Lipp et les boulangeries Moisan. Olivier Bertrand en reste le PDG et le premier actionnaire.
05/03/2012

Des fonds s’organisent pour la branche peinture auto de DuPont

Reuters croit savoir que des fonds de capital investissement tâchent d’unir leurs forces pour tenter de racheter les activités de peinture pour véhicules de DuPont, dont le prix pourrait dépasser 4 milliards de dollars. Blackstone se serait d’ores et déjà allié avec Bain Capital, tandis que le fonds Clayton, Dubilier & Rice ferait équipe avec CVC Capital Partners.
05/03/2012

Le fonds souverain CIC reçoit un financement additionnel

Jesse Wang, vice-président exécutif du fonds souverain China Investment Corp, a fait part de l’obtention l’an dernier d’un financement additionnel de 30 milliards de dollars. Le responsable a refusé de dire si ce montant pourrait servir à acheter des actifs en Europe. «Ce n’est pas parce que l’Europe a ses problèmes que nous changerons notre méthode d’examen», a déclaré le dirigeant.

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